12325 COUNTY ROAD 51, SAINT JOSEPH, MN 56374 · minutes of the College of Saint Benedict and...

Presented By:

PETER MICHELVice [email protected]

Michel Commercial Real Estate International, Inc. | michelcommercialre.com

12325 COUNTY ROAD 51, SAINT JOSEPH, MN 56374FOR SALE | MULTIFAMILY INVESTMENT

Wildwood Manor (16 Units)

CONFIDENTIALITY & DISCLAIMER

PROPERTY INFORMATION3

LOCATION INFORMATION8

FINANCIAL ANALYSIS11

DEMOGRAPHICS14

ADVISOR BIOS16

A l l m a t e r i a l s a n d i n f o r m a t i o n r e c e i v e d o r d e r i v e d f r o m M i c h e l C o m m e r c i a l R e a l E s t a t e I n t e r n a t i o n a l , I n c . i t s d i r e c t o r s , o f fi c e r s , a g e n t s , a d v i s o r s ,a f fi l i a t e s a n d / o r a ny t h i r d p a r t y s o u r c e s a r e p r o v i d e d w i t h o u t r e p r e s e n t a t i o n o r w a r ra n t y a s t o c o m p l e t e n e s s , v e ra c i t y, o r a c c u ra c y, c o n d i t i o n o f t h ep r o p e r t y, c o m p l i a n c e o r l a c k o f c o m p l i a n c e w i t h a p p l i c a b l e g o v e r n m e n t a l r e q u i r e m e n t s , d e v e l o p a b i l i t y o r s u i t a b i l i t y, fi n a n c i a l p e r f o r m a n c e o f t h ep r o p e r t y, p r o j e c t e d fi n a n c i a l p e r f o r m a n c e o f t h e p r o p e r t y f o r a ny p a r t y ’ s i n t e n d e d u s e o r a ny a n d a l l o t h e r m a t t e r s .

N e i t h e r M i c h e l C o m m e r c i a l R e a l E s t a t e I n t e r n a t i o n a l , I n c . i t s d i r e c t o r s , o f fi c e r s , a g e n t s , a d v i s o r s , o r a f fi l i a t e s m a ke s a ny r e p r e s e n t a t i o n o r w a r ra n t y,ex p r e s s o r i m p l i e d , a s t o a c c u ra c y o r c o m p l e t e n e s s o f t h e a ny m a t e r i a l s o r i n f o r m a t i o n p r o v i d e d , d e r i v e d , o r r e c e i v e d . M a t e r i a l s a n d i n f o r m a t i o n f r o ma ny s o u r c e , w h e t h e r w r i t t e n o r v e r b a l , t h a t m ay b e f u r n i s h e d f o r r e v i e w a r e n o t a s u b s t i t u t e f o r a p a r t y ’ s a c t i v e c o n d u c t o f i t s o w n d u e d i l i g e n c e t od e t e r m i n e t h e s e a n d o t h e r m a t t e r s o f s i g n i fi c a n c e t o s u c h p a r t y. M i c h e l C o m m e r c i a l R e a l E s t a t e I n t e r n a t i o n a l , I n c . w i l l n o t i nv e s t i g a t e o r v e r i f y a nys u c h m a t t e r s o r c o n d u c t d u e d i l i g e n c e f o r a p a r t y u n l e s s o t h e r w i s e a g r e e d i n w r i t i n g .

E AC H PA RT Y S H A L L C O N D U C T I T S O W N I N D E P E N D E N T I N V E S T I G AT I O N A N D D U E D I L I G E N C E .

A ny p a r t y c o n t e m p l a t i n g o r u n d e r c o n t ra c t o r i n e s c r o w f o r a t ra n s a c t i o n i s u r g e d t o v e r i f y a l l i n f o r m a t i o n a n d t o c o n d u c t t h e i r o w n i n s p e c t i o n s a n di nv e s t i g a t i o n s i n c l u d i n g t h r o u g h a p p r o p r i a t e t h i r d p a r t y i n d e p e n d e n t p r o f e s s i o n a l s s e l e c t e d b y s u c h p a r t y. A l l fi n a n c i a l d a t a s h o u l d b e v e r i fi e d b y t h ep a r t y i n c l u d i n g b y o b t a i n i n g a n d r e a d i n g a p p l i c a b l e d o c u m e n t s a n d r e p o r t s a n d c o n s u l t i n g a p p r o p r i a t e i n d e p e n d e n t p r o f e s s i o n a l s . M i c h e l C o m m e r c i a lR e a l E s t a t e I n t e r n a t i o n a l , I n c . m a ke s n o w a r ra n t i e s a n d / o r r e p r e s e n t a t i o n s r e g a r d i n g t h e v e ra c i t y, c o m p l e t e n e s s , o r r e l e v a n c e o f a ny fi n a n c i a l d a t a o ra s s u m p t i o n s . M i c h e l C o m m e r c i a l R e a l E s t a t e I n t e r n a t i o n a l , I n c . d o e s n o t s e r v e a s a fi n a n c i a l a d v i s o r t o a ny p a r t y r e g a r d i n g a ny p r o p o s e d t ra n s a c t i o n .A l l d a t a a n d a s s u m p t i o n s r e g a r d i n g fi n a n c i a l p e r f o r m a n c e , i n c l u d i n g t h a t u s e d f o r fi n a n c i a l m o d e l i n g p u r p o s e s , m ay d i f f e r f r o m a c t u a l d a t a o rp e r f o r m a n c e . A ny e s t i m a t e s o f m a r ke t r e n t s a n d / o r p r o j e c t e d r e n t s t h a t m ay b e p r o v i d e d t o a p a r t y d o n o t n e c e s s a r i l y m e a n t h a t r e n t s c a n b ee s t a b l i s h e d a t o r i n c r e a s e d t o t h a t l e v e l . Pa r t i e s m u s t e v a l u a t e a ny a p p l i c a b l e c o n t ra c t u a l a n d g o v e r n m e n t a l l i m i t a t i o n s a s w e l l a s m a r ke tc o n d i t i o n s ,v a c a n c y f a c t o r s a n d o t h e r i s s u e s i n o r d e r t o d e t e r m i n e r e n t s f r o m o r f o r t h e p r o p e r t y.

Le g a l q u e s t i o n s s h o u l d b e d i s c u s s e d b y t h e p a r t y w i t h a n a t t o r n e y. Ta x q u e s t i o n s s h o u l d b e d i s c u s s e d b y t h e p a r t y w i t h a c e r t i fi e d p u b l i c a c c o u n t a n t o rt a x a t t o r n e y. T i t l e q u e s t i o n s s h o u l d b e d i s c u s s e d b y t h e p a r t y w i t h a t i t l e o f fi c e r o r a t t o r n e y. Q u e s t i o n s r e g a r d i n g t h e c o n d i t i o n o f t h e p r o p e r t y a n dw h e t h e r t h e p r o p e r t y c o m p l i e s w i t h a p p l i c a b l e g o v e r n m e n t a l r e q u i r e m e n t s s h o u l d b e d i s c u s s e d b y t h e p a r t y w i t h a p p r o p r i a t e e n g i n e e r s , a r c h i t e c t s ,c o n t ra c t o r s , o t h e r c o n s u l t a n t s a n d g o v e r n m e n t a l a g e n c i e s . A l l p r o p e r t i e s a n d s e r v i c e s a r e m a r ke t e d b y M i c h e l C o m m e r c i a l R e a l E s t a t e I n t e r n a t i o n a l ,I n c . i n c o m p l i a n c e w i t h a l l a p p l i c a b l e f a i r h o u s i n g a n d e q u a l o p p o r t u n i t y l a w s .

Michel Commercial Real Estate International, Inc. | michelcommercialre.com Page 2

PROPERTY INFORMATION


Presented By:


WILDWOOD MANOR


The Wildwood Manor Apartments consist of 3 apartment buildings with a total of 16 unitsincluding 2 one bedroom units and 14 two bedroom units. The property has 17 garages. Thegarages are included in the apartment rent. The apartment buildings were built in 1970 and have 2story designs and pitched roofs. The heat is electric. The residents in 13 of the units pay theirelectricity including their electric heat. The landlord pays the electricity in the other 3 unitsbecause the common areas are wired into those units and, as a result, the rents are higher in those 3units. The property has it's own well so their is no water bill from the City. There is a laundryfacility in each building. The landlord owns the laundry machines. The units have air conditioningand are cable ready. Some of the recent capital improvements include newer windows and newerroofs.

PROPERTY OVERVIEW

The Wildwodd Manor Apartments are located just west of Saint Joseph on County Road 51 withinminutes of the College of Saint Benedict and Downtown Saint Joseph with easy access to I-94. SaintJoseph is approximately 15 minutes west of Saint Cloud and is part of the Saint Cloud MSA.

LOCATION OVERVIEW

PORTFOLIO OFFERING SUMMARY

Offering Price $878,400

Number of Units 16

Price Per Unit $54,900

CAP Rate 9.1%

NOI $79,787

Year Built 1970

Occupancy 100%

Parking 17 Garages

PID 31.21.409.0160

WILDWOOD MANOR 12325 COUNTY ROAD 51 - SAINT JOSEPH, MN 56374

PROPERTY INFORMATION | Executive Summary


WILDWOOD MANOR 12325 COUNTY 51, SAINT JOSEPH, MN 56374

PROPERTY INFORMATION | Photos


WILDWOOD MANOR 12325 COUNTY ROAD 51, SAINT JOSEPH, MN 56374

PROPERTY INFORMATION | Photos


UNIT TYPE COUNT SIZE (SF) MIN RENT MAX RENT

One Bedroom 2 500 SF $550 $625

Two Bedroom 14 600 SF $550 $695

WILDWOOD MANOR 12325 COUNTY ROAD 51, SAINT JOSEPH, MN 56374

PROPERTY INFORMATION | Rent Roll

LOCATION INFORMATION


Presented By:


WILDWOOD MANOR


WILDWOOD MANOR 12325 COUNTY ROAD 51, SAINT JOSEPH, MN

LOCATION INFORMATION | Regional Map



LOCATION INFORMATION | Location Maps

FINANCIAL ANALYSIS


Presented By:


WILWOOD MANOR


INVESTMENT OVERVIEW

Price $878,400

Price per Unit $54,900

GRM 8.0

CAP Rate 9.1%

Cash-on-Cash Return (yr 1) 15.29 %

Total Return (yr 1) $47,155

Debt Coverage Ratio 1.73

OPERATING DATA

Gross Scheduled Income $110,040

Other Income $7,294

Total Scheduled Income $117,334

Vacancy Cost -$3,300

Gross Income $114,034

Operating Expenses $34,247

Net Operating Income $79,787

Pre-Tax Cash Flow $33,572

FINANCING DATA

Down Payment $219,600

Loan Amount $658,800

Interest Rate 5.0

Amortization 25 Years

Debt Service $46,215

Debt Service Monthly $3,851

Principal Reduction (yr 1) $13,583


FINANCIAL ANALYSIS | Financial Summary


INCOME SUMMARY PER UNIT

Scheduled Apartment Income (August, 2018) $110,040 $6,877

Less: Vacancy (3% Estimate) -$3,300 -$206

Plus: Laundry/Other Income (2018 Annualized) $7,294 $455

GROSS INCOME $114,034 $7,127

EXPENSE SUMMARY PER UNIT

Payroll (2018 Annualized) $402 $25

Miscellaneous (2018 Annualized) $69 $4

Cable (2018 Annualized) $572 $35

Electric (2018 Annualized) $8,865 $554

Water/Sewer (No City Water) $0 $0

Rubbish (2018 Annualized) $1,754 $109

Lawn/Snow (2018 Annualized) $1,764 $110

Maintenance (2018 Annualized) $5,242 $327

Insurance (2018 Annualized) $4,509 $281

Bank Service (2018 Annualized) $75 $4

Office (2018 Annualized) $45 $2

Real Estate Taxes (2018) $8,550 $534

Reserve ($150/unit Estimate) $2,400 $150

GROSS EXPENSES $34,247 $2,140

NET OPERATING INCOME $79,787 $4,986


FINANCIAL ANALYSIS | Income & Expenses

DEMOGRAPHICS


Presented By:


WILDWOOD MANOR


* Demographic data derived from 2010 US Census

POPULATION 1 MILE 5 MILES 10 MILES

TOTAL POPULATION 1,377 26,778 123,532

MEDIAN AGE 25.0 31.1 32.9

MEDIAN AGE (MALE) 32.3 33.8 32.7

MEDIAN AGE (FEMALE) 21.4 30.7 34.2

HOUSEHOLDS & INCOME 1 MILE 5 MILES 10 MILES

TOTAL HOUSEHOLDS 430 9,877 48,382

# OF PERSONS PER HH 3.2 2.7 2.6

AVERAGE HH INCOME $58,120 $61,516 $65,458

AVERAGE HOUSE VALUE $155,292 $159,581 $180,900


DEMOGRAPHICS | Demographics Map

ADVISOR BIOS


Presented By:


WILDWOOD MANOR


T [email protected]

12930 32nd Avenue NorthMinneapolis, MN 55441

PETER MICHEL

Vice President Professional Background

Peter joined Michel Commercial Real Estate Intl. Inc in 1991 and focuses solely on sellingmultifamily housing in Minnesota, North Dakota, South Dakota, Wisconsin and Iowa.The Company represents both private and institutional groups, including local owners andnational investors. Michel Commercial Real Estate Intl. Inc. has provided investment saleand acquisition services for nearly 30 years offering clients extensive market research,accurate property valuations, and a smooth transaction process. Michel Commercialsuccessfully brokers 1,500+ units of multifamily housing a year. The list of apartmentprojects sold ranges from 50 units to 500 units.

EducationB.A. Concordia College, Moorhead , Minnesota


ADVISOR BIOS | Biography 1

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12325 COUNTY ROAD 51, SAINT JOSEPH, MN 56374 · minutes of the College of Saint Benedict and...

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